1. Assume that 60% of student loan applications are approved. Out of 10 applications: a) What is the probability that 8 or more are approved? b) How many are expected to be approved? c) What is the standard deviation of the number approved out of 10 applications? 2. The West Indies cricket team (affectionately called the Windies) are to play a series of five test matches in Barbados against India. For any one game, it is estimated that the probability of a West Indies win is 0.4. The outcomes of the five games are independent of one another. a) What is the probability that the Windies will win all five games? b) What is the probability that the Windies will win a majority of the five games? c) Before the series begins, what is the expected number of Windies wins in these five games? 3. Suppose that you are in charge of marketing airline seats for a major carrier. Four days before the flight date you have 16 seats remaining on the plane. You know from past experience data that 80% of the people that purchase tickets in this time period will actually show up for the flight. a) If you sell 20 extra tickets, what is the probability that you will overbook the flight or have at least 1 empty seat? b) If you sell 18 extra tickets, what is the probability that you will overbook the flight or have at least 1 empty seat